THE WASHINGTON DEMOCRATS’ RECKLESS TAX AND SPENDING SPREE
WHAT THEY ARE SAYING…
Washington Democrats in the House and Senate "passed" a budget resolution authored by self-described socialist Senator Bernie Sanders to unlock a $3.5 trillion package of new spending and taxes, the most expensive piece of legislation in the history of the United States. The reconciliation bill Democrats are working on is their vehicle to impose a socialist agenda that raises taxes and spending levels to historic highs. Meanwhile, runaway inflation continues to drive consumer prices higher and cripple family budgets, fueled by trillions in reckless government spending already enacted under President Biden. However, as committees continue to mark-up legislation, some Democrats are raising concerns. Senator Joe Manchin (D-WV) penned an op-ed in the Wall Street Journal, where he said he can't explain why his Democrat colleagues are rushing to spend $3.5 trillion: The mad rush to pass something along “artificial” and “political” deadlines is a concern shared and aired in the House by Representative Stephanie Murphy (D-FL): Meanwhile, House Democrats are arguing amongst themselves over how to proceed on both a $1 trillion infrastructure package and the $3.5 trillion reconciliation bill: As the fighting goes on, Democrat special interests are hard at work lobbying to get their priorities into the reconciliation bill on the taxpayers’ dime. The climate lobby wrote to Democrat members of Congress asking for $577 to $746 billion in new spending on Green New Deal policies: Even the Democrat Speaker of the House herself could not resist the opportunity to sneak in a personal pet project from her district into the Natural Resources Committee’s portion of the reconciliation bill: While Democrats have been arguing over how much to spend and tax the American people, they have failed to act on the debt ceiling while ignoring rising inflation and the fact that the federal government is due to shut down after September 30th unless they pass a bill to keep the lights on. And the media is starting to pay attention:
As Democrats struggle to govern, Americans are paying more to put food on their tables, gas in their cars, and clothes on their backs.
WHY THEY ARE SAYING IT…
At $3.5 trillion, the socialist tax and spending plan is the most expensive piece of legislation in the history of the United States. It is:
- Five times America’s annual defense budget.
- Seven times the cost of building the interstate highway system.
- Neary five times annual Medicare spending to support seniors.
- 35 times the annual amount invested in veterans’ health care.
- More than the GDPs of Canada and Mexico combined.
The Democrats’ historical spending spree – which includes the $1.9 trillion Biden Bailout Bill already enacted – would have the government spending on average $7.1 trillion annually over the next decade compared to the $4.1 trillion yearly average of the past decade, a 73 percent yearly increase for the next 10 years. If Democrats enact their socialist tax and spend agenda:
- Total new spending approved within the last 18 months will be more than the total combined annual wages of the American people.
- Democrats will have added $13 trillion in new spending since they took control of the U.S. House in 2019 – a $400 billion per month increase and equal to 60 percent of U.S. GDP.
The socialist tax and spending plan would be the largest tax increase in American history. It would result in:
- The highest sustained tax burden, as a share of the economy, in American history.
- Combined federal-state tax rate would make the tax burden on America’s main street businesses higher than Europe or communist China.
- Tax increases would reduce wages by 1.1 percent.
- Two-thirds of employer tax increases will be borne by lower- and middle-income Americans.
Their $3.5 trillion tax and spending spree will further fuel the highest inflation in four decades:
- Running at 7 percent on an annualized basis since Biden became president, the highest since Carter-era policies.
- Gas prices are up 48.4 percent.
- Meat prices are up 12.6 percent.
- Prices are growing faster than wages. According to the Congressional Budget Office, the purchasing power of an hour of work has declined by 0.7 percent over the past year: